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Chapter 6 Exercises Inventories and Cost of Sales.

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Presentation on theme: "Chapter 6 Exercises Inventories and Cost of Sales."— Presentation transcript:

1 Chapter 6 Exercises Inventories and Cost of Sales

2 Inventory Costing Methods In-Class Exercise: Exercise No. Page 6-11 259 Inventory Costing – Periodic Omit Requirement (a) (Use the info from Exercise 6-3, as reflected on the next chart, to start your computations) In-Class Exercise: Exercise No. Page 6-11 259 Inventory Costing – Periodic Omit Requirement (a) (Use the info from Exercise 6-3, as reflected on the next chart, to start your computations)

3 Inventory Costing Methods Illustration Data

4 Inventory Costing Methods Weighted Average Method

5 Inventory Costing Methods

6 FIFO Method

7 Inventory Costing Methods

8 LIFO Method

9 Inventory Costing Methods

10 End of Exercise Inventory Costing Methods

11 Retail Method In-Class Exercise): Exercise No. Page 6- 15 260Retail Method In-Class Exercise): Exercise No. Page 6- 15 260Retail Method

12 Retail Method

13 Alternate Format

14 End of Exercise Retail Method

15 Gross Profit Method In-Class Exercise): Exercise No. Page 6- 16 260Gross Profit Method In-Class Exercise): Exercise No. Page 6- 16 260Gross Profit Method

16 Gross Profit Method (*) Cost of goods purchased computation: $1,590,000 - $23,100 + $37,600 = $1,604,500

17 Gross Profit Method

18 End of Exercise Gross Profit Method

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